Huobi Global investing $1B in DeFi and Web3

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Exchange of cryptocurrencies Ivy Blocks, a DeFi and web3 blockchain ecosystem investment arm of Huobi Global, was established today. According to Huobi, Ivy Blocks will invest in promising blockchain initiatives to help them reach their full potential.

“Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which present significant barriers to growth,” Lily Zhang, Huobi’s CFO, stated. “Our focus on providing such projects with liquidity investments and incubation services will no doubt contribute toward creating a better, more inclusive DeFi and web3 blockchain ecosystem.”

With its “multi-billion dollar war chest,” Ivy Blocks will take advantage of crypto prospects in worldwide markets, according to Huboi. According to CoinTelegraph, a Huobi spokeswoman stated that the new investment arm has more than $1 billion in crypto assets under management to deploy.

Capricorn Finance, an automated market maker based on the Cube blockchain, was also the first to accept an investment on Friday. This occurs at a time when the industry’s overall value has plummeted by more than half. According to industry estimates, the DeFi industry is worth around $133 billion in total. DeFi TVL was valued at $316 billion in December 2021.

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Gergő Kiss